Elon Musk Net Worth
- As of 2022, Elon Musk has a Net Worth of $ 163 Billion.
- He is also known as SpaceX’s CEO and CTO, as well as the chairman of SolarCity.
- Elon Musk lost his title of the richest person in the world when his $165 billion net worth was overtaken by Bernard Arnault’s $167 billion net worth.
What is Elon Musk’s Net Worth? (Updated 2022)
Elon Musk is a Canadian-American businessman, inventor, and investor of South African origin. Elon Musk has a $163 billion net worth. Elon Musk has made the vast majority of his fortune as the CEO of Tesla Motors, despite the fact that he wears many hats and is constantly topping his latest project. He is also known as the CEO and CTO of SpaceX, as well as the chairman of SolarCity. He is the wealthiest person in the world and the wealthiest person in modern history.
Elon Musk currently owns approximately 24% of Tesla’s outstanding shares and 43% of privately held SpaceX. Tesla’s market cap will surpass $1 trillion for the first time in October 2021. That same month, SpaceX raised $100 billion in funding. For the first time, Elon’s net worth hovered around $300 billion at this point.
Elon Musk appears to be a little ahead of the curve. He taught himself computer programming as a child. He’d coded and sold his first computer game, Blastar, by the age of 12. He went on to attend Queen’s University in Ontario before graduating from the University of Pennsylvania’s Wharton School with dual degrees in business and physics. He went on to Stanford University to pursue a Ph.D. in physics, but soon realized that school was no longer a worthwhile endeavor. He jumped right into his career plans, dropping out of Stanford just two days into the first semester. His first business was Zip2, a software company he co-founded with his brother, Kimbal Musk. Their main product was an internet-based city guide aimed at the publishing industry, specifically newspapers. Zip2 was sold to Compaq for $307 million in cash and $34 million in stock options in 1999. From there, he launched X.com, an email payment company. He later purchased Confinity, the company that ran PayPal. Musk merged everything and renamed everything PayPal. Since then, he has continued to launch new businesses, including SpaceX, his aerospace design and development firm, and Tesla Motors, the company behind a growing number of popular electric sports cars. Elon will pay $44 billion for Twitter in October 2022.
|Net Worth:||$163 Billion|
|Date of Birth:||Jun 28, 1971 (51 years old)|
|Place of Birth:||Pretoria|
|Height:||6 ft 2 in (1.88 m)|
|Profession:||Aerospace Engineer, Engineer, Entrepreneur, Investor, Designer, Businessperson, Inventor, Film Producer|
- Sold first company Zip2 to Compaq in 1999 for $340 million
- Invested a portion of his windfall into X.com
- X.com became Paypal. Paypal sold to eBay in 2002 for $1.5b
- Owns 48% of SpaceX which is valued at $46 billion
- Owns 22% of Tesla
- Net Worth increased $142 billion in 2020
- Once testifed that he his “cash poor” and has $500 million worth of debt
- Once owned $100 million worth of real estate
- Sold six LA homes in 2020
Net Worth History
- On January 1, 2020, Elon’s net worth was $28 billion. He ended 2020 with a net worth of $170 billion.
- Elon’s net worth topped $70 billion for the first time on July 10, 2020. At that point roughly $15 billion was attributable to the privately-held SpaceX and the remaining $55 billion was from Tesla.
- On July 13, 2020 when Elon’s net worth hit $80 billion for the first time, $15 billion came from SpaceX and $65 billion came from Tesla.
- In August 2020 two important factors pushed Elon’s net worth above $90 billion for the first time. First, in mid-August Tesla shares hit an all-time high of $1,900. At that level the company’s total market cap was $350 billion. Elon’s 20% stake was worth $70 billion. The second factor was an increased valuation of SpaceX which was officially confirmed on August 18, 2020. The fundraising round increased SpaceX’s private valuation to $46 billion, up from $36 billion. At a valuation of $46 billion, Elon’s 48% stake adds $22 billion in pre-tax wealth to Elon’s net worth.
- On November 17, 2020 Elon’s net worth topped $100 billion for the first time. At that point he surpassed Mark Zuckerberg to become the third-richest person on the planet for the first time.
- On November 24, 2020 Elon’s net worth topped $128 billion for the first time. At that point he surpassed Bill Gates to become to the second-richest person in the world for the first time. On that day he was $54 billion away from Jeff Bezos’ $184 billion net worth and his net worth had officially increased $100 billion since January 1, 2020.
- On January 7, 2021 Elon’s net worth hit $195 billion. On this day Elon eclipsed Jeff Bezos as the richest person in the world for the first time.
- On January 8, 2021 Elon ended the week with a net worth of $210 billion after starting the week worth $170 billion.
- In October 2021 when Tesla’s market cap topped $1 trillion and SpaceX’s valuation was $100 billion, Elon’s net worth was $300 billion.
- On November 1st, 2021, when Tesla’s market cap topped $1.2 trillion, Elon Musk’s net worth was $335 billion.
- On December 13, 2022, Elon Musk lost his title of richest person in the world when his $165 billion net worth was overtaken by Bernard Arnault’s $167 billion net worth.
Elon Musk does not receive a salary as Tesla’s CEO. Instead, he has a highly unusual and extremely lucrative bonus plan based on the company’s market capitalization milestones. Tesla was worth around $50 billion at the time the plan was devised. There are a total of 12 milestones based on market cap increases of $50 billion. Elon met every single milestone and thus qualified for the entire $100 billion bonus plan. This plan’s shares are released quarterly after the Board of Directors confirms the milestone has been met.
Elon Musk was born in Pretoria, South Africa on June 28, 1971. of the state of the state of the state of the state of the state of the. When he was 12, he sold his first piece of software, a game called Blaster. He moved to Canada at the age of 17 to attend Queen’s University, but he left in 1992 to study business and physics at the University of Pennsylvania. Musk earned an undergraduate degree in economics before going on to earn a second bachelor’s degree in physics and a PhD in energy physics. However, he dropped out of Stanford University to become a part of the internet boom.
Zip2 Corporation, Musk’s first company, was an online city guide. Zip2 was purchased by a division of Compaq Computer in 1999 for $307 million in cash and $34 million in stock options. Musk also co-founded X.com, an online financial services/payments company, in 1999. The following year, an X.com acquisition resulted in the formation of PayPal, as it is now known, and in 2002, PayPal was acquired by eBay for $1.5 billion in stock.
Musk’s third company, Space Exploration Technologies Corporation (SpaceX), was founded in 2002 with the goal of developing spacecraft for commercial space travel. By 2008, SpaceX had established itself, and NASA awarded the company the contract to handle cargo transport for the International Space Station, with future plans for astronaut transport.
Next was Tesla Motors, an automobile company dedicated to producing affordable, mass-market electric cars. Martin Eberhard and Marc Tarpenning founded Tesla in 2003. Elon, Ian Wright, and J.B. Straubel were the company’s first employees and were subsequently named co-founders.
Tesla Motors raised $226 million in its initial public offering in June 2010, with Daimler taking a stake in the company and a strategic partnership with Toyota. In 2012, Musk and SpaceX made history when the company launched its Falcon 9 rocket into space with an unmanned capsule. In 2013, he unveiled a concept for a new mode of transportation called the Hyperloop, which would travel at speeds of up to 700 mph between major cities. The Hyperloop, as opposed to railroads, would use tubes for transportation. Musk estimates that the Hyperloop will take 7 to 10 years to build, test, and be ready for use.
Elon Musk Net Worth Information
Elon Musk owns 43% of SpaceX and 24% of Tesla as of this writing.
Musk explained in a 2019 legal deposition that he is actually somewhat cash-strapped and that shares in Tesla and SpaceX account for 99% of his personal wealth. According to the lawsuit, Musk’s base salary at Tesla is $56,380. In most years, he declines the salary. Musk had $500 million in debt at the time of the lawsuit, with the majority owed to Morgan Stanley and Goldman Sachs. At least $60 million of his Morgan Stanley debt was related to home mortgages. He has since sold most of his properties and paid off his mortgage.
He is said to have spent all of his liquid cash from previous business sales to launch SpaceX.
Tesla’s Compensation Strategy
The Tesla board of directors unveiled a $100 billion compensation plan for Musk in January 2018. The plan called for Musk to receive up to $100 billion in stock options over a decade in 12-tranches. The first tranche of options will be granted once Tesla’s market capitalization reaches $100 billion (roughly double the value when the plan was announced). Elon received another tranche every time the company’s market cap increased by $50 billion after that.
He would have received no compensation if he had not completed any of the 12 tranches.
Elon unlocked all 12 tranches of the compensation plan within three years, as Tesla’s market cap surpassed $1 trillion for the first time in October 2021.
Elon has three marriages, two to the same woman, actress Talulah Riley. From 2000 to 2008, he was married to Canadian author Justine Wilson. They have five sons together. He’s also had romantic relationships with actress Amber Heard and Canadian musician Grimes. Grimes and Elon will have a baby boy named X A-Xii in May 2020. They plan to have a second child through surrogacy in December 2021.
Elon ALSO welcomed a set of twins, born to one of his Neuralink executives, sometime in late 2021.
As of this writing, he has ten children.
In July 2022, it was revealed that Elon Musk had an affair with the wife of Google co-founder Sergey Brin in December 2021. The affair reportedly led to Sergey filing for divorce from his wife of four years, Nicole Shanahan. Sadly, Sergey had long been one of Musk’s staunchest supporters. He invested in several Musk companies, including Tesla, and was one of the company’s first investors.
Real Estate Investments
Elon previously owned real estate worth $100 million in California alone. He still owns a 100-year-old, 16,000-square-foot villa on nearly 50 acres in the Northern California town of Hillsborough. In 2017, he paid $23.364 million for this home.
In Southern California he at one time owned six homes in the Los Angeles neighborhood of Bel-Air. His Bel-Air footprint included a 20,000-square-foot home purchased for $17 million in 2012, a 7,000-square-foot home purchased for $20 million in 2015, and a 9,300-square-foot home purchased for $24.25 million in 2016. Elon stunned the world in 2020 when he announced his intention to sell all of his worldly possessions, beginning with his Los Angeles homes. He kept his word and proceeded to sell each house. In December 2020, he sold four homes at once to a single buyer.